Offer Update

19 December 2012

Baronsmead VCT 3 plc

Offers for Subscription - Update

On 20 November 2012 Baronsmead VCT plc, Baronsmead VCT 2 plc, Baronsmead VCT 3
plc, Baronsmead VCT 4 plc and Baronsmead VCT 5 plc (together "the Companies")
published a Prospectus in relation to offers for subscription for new ordinary
shares of 10p each in each of the Companies, to raise in aggregate up to £30
million (before issue costs) (the "Offers" and each an "Offer"). The Offers
opened on 11 December 2012.

The Offers for Baronsmead VCT plc and Baronsmead VCT 2 plc are fully subscribed
and have now closed. The Offers for Baronsmead VCT 3 plc, Baronsmead VCT 4 plc
and Baronsmead VCT 5 plc are not yet fully subscribed and will remain open
until 5 April 2013 (unless fully subscribed by an earlier date or previously
extended by the directors to no later than 30 April 2013). As of the close of
business on 18 December 2012, valid applications for these Offers were as
follows:

Baronsmead VCT 3 plc £4.6 million

Baronsmead VCT 4 plc £3.5 million

Baronsmead VCT 5 plc £1.9 million

Each of the Companies whose Offer remains open has agreed to extend the early
investment incentive so that Subscriptions which are received and accepted by
12 noon on 21 December 2012 will receive additional New Shares equivalent to
0.75 per cent. of the amount subscribed. In addition, the Subscription Form
attached to the Securities Note dated 20 November 2012 will remain valid for
use until 21 December 2012 and commission will be payable to financial
intermediaries where financial advice in relation to Subscriptions has been
provided and Subscription Forms are received on or prior to 12.00 noon on 21
December 2012.

The first allotment of new ordinary shares in the Companies is expected to be
on or around 21 December 2012 with dealings expected to commence three Business
Days thereafter.

For further information, please contact:

Michael Probin - Investor Relations

ISIS EP LLP

Telephone: [phone]